Seems like a lot of pessimism here, when the deal won't even close until 4Q 2001 some time...
OTOH, it does portend a good dose of doom & gloom for current Polar guys -- the "monetiz[ation]" of Polar assets probably means Atlas only wants Polar's route authority and the -400s, NOT any -100s, -200s, or debt. Byt the time Polar comes under Atlas Worldwide Holdings, it will likely be MUCH smaller than it is now.
As for the ALPA equation, if Polar is retained as a totally independent wholly-owned subsidiary of AWH, just as is Atlas Air (technically, though there is no effective division of AWH and Atlas Air right now), the 2 sepaeate ALPA contracts will likely remain intact and separate. Scope clauses on both contracts will be VERY closely scrutinized!